The experiences that come with starting a new business and forming an LLC can help entrepreneurs refine a product or service and identify the path to growth.
The "firsts" of a new business are golden opportunities, and small business owner Dave Wilkin recalls in Toronto’s Globe and Mail the lessons about service and vision he learned from his first client and hiring his first employee.
He says that his first customer made it possible to understand the valuable product he could offer consumers. He developed a relationship with that client over time, and discovered changes that could improve the business.
But Wilkin says hiring his first employee was a pivotal moment that allowed him to share his vision with someone else.
"In order to keep your employees living your company’s brand every day, it is important to create a culture that is challenging, disruptive in the innovative space, and that sets the tone for your new team members," he writes.
Not all businesses require many employees, but the Wall Street Journal notes that it can be hard to expand and grow without help. The paper recommends allocating for future hires when building in a profit margin into the price of a product.